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Sunridge Gold Corp. provides a summary of activities and an outlook for the first six months of 2012 on the Company's 100% owned Asmara Project in Eritrea.
The project encompasses a district of base and precious metals volcanogenic-massive-sulphide deposits as well as near surface gold mineralization. Sunridge has drilled more than 200,000 meters since 2003 and has defined four separate copper, zinc, gold and silver mineral resources. In addition the Company has outlined additional highly prospective exploration targets on the Asmara Project. Debarwa Project - Feasibility Study A feasibility study is near completion that is examining a standalone open-pit mine and process plant at the Debarwa copper-zinc-gold-silver VMS deposit over a forecast life of mine of approximately 7 years. The study is also examining the option of early mining and direct shipping a high-grade portion (greater than 15% copper) of the enriched copper supergene zone to generate early cash flow and enhance the economics of the deposit. Significant upcoming events for the Debarwa deposit include: • Completion of the Feasibility Study - Q1 2012 • Completion of Social and Environmental Impact Assessment (SEIA) Report - Q2 2012 • Apply for mining license at Debarwa - Q2 2012 Asmara North Projects - Prefeasibility Study The Asmara North Project area is made up of three distinct deposits; 1) the Emba Derho copper-zinc-gold-silver VMS deposit which is a large surface minable VMS deposit, 2) the Adi Nefas zinc-gold-copper VMS deposit, located approximately 6 kilometers away from Emba Derho, and 3) the Gupo gold deposit located approximately 8 kilometers from Emba Derho and is a near-surface gold deposit. A prefeasibility study is examining mining and processing options with a centralized process plant at Emba Derho. The study is also considering options to process mineralized material from the Debarwa deposit at the proposed centralized process plant at Emba Derho. Key upcoming events for the Asmara North Projects are as follows: • Updated resource updates for Emba Derho (Jan/12), Adi Nefas (Jan/12), and Gupo Gold (Feb/12) • Completion of the Prefeasibility Study - Q2 2012 • Begin full Feasibility Study - Q2 2012 Exploration Programs Sunridge plans to start a 12,000 meter exploration drilling program on several new gold and VMS targets within the Asmara Project in late January 2012. Further details of specific targets will be forthcoming in the next few weeks. Corporate The Company will be attending the Africa Mining Congress Conference in Livingstone, Zambia, the Mining Indaba in Cape Town, South Africa and the PDAC in Toronto within the first quarter of 2012. Other Eritrea Mining Events • Nevsun Resources has now successfully operated the Bisha Mine in Eritrea for almost 12 months showing strong earnings. • Chalice Gold Mines recently announced the sale of the Zara gold project in Eritrea to the Shanghai Construction Group Co. Ltd. More information, click here. |
